Barclays’s Moskowitz hikes Apple price target

Barclays analyst Mark Moskowitz raised his price target on Apple to $175 from $161 and maintained an Equal Weight rating, telling investors in a research note that he expects Apple to benefit from a favorable FX and heavy carrier promotions in the near-term. Assuming the USD remains at current levels, he estimates an FX tailwind of 370bps for revenue growth vs. 640bps in the March quarter, and says the new one-month iCloud free-trial program could add upside to Services.

Maintains Equal Weight, raises price target to $175 from $161.

My take: The water is shallower, but Moskowitz is still underwater. Waiting to see his note.